ICE’s Bakkt To Be Approved Next Week, Anonymous Source Claims
Sources close to US regulators indicate that ICE’s Bakkt exchange might be approved in the first week of November. If the approval goes through, we will have the first physically delivered Bitcoin futures in the market. The anonymous source notified media outlet, The Block, on Thursday.
According to ICE, Bakkt will set up a controlled system to be used by investors from different institutions. It has been viewed as a gateway of institutional investors in the cryptocurrency world. Earlier on, ICE had indicated that the futures will be unveiled in the second week of December.
If Bakkt receives the approval, the project will immediately release its USD Daily Futures Contract within the first seven days. The development was confirmed by the source who has remained unnamed. According to the source, he is at the center of the situation. The sources added that ICE had partnered with Chicago based DV Trading as the shop for the product.
However, a number of experts have warned that the launch of Bitcoin Futures might have an impact on the market. Concerns have been raised over the non-custodial options. It is alleged that they will eventually detract from the crypto sector's credibility. Andreas Antonopoulos, notable cryptocurrency figure has issued a warning to regulators over the move.
Non-physical bitcoin futures first emerged from CBOE and CME towards the end of last year. However, they were short-lived due to market volatility alongside poor profits. The performance resulted into a fierce debate among top analysts.